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Summary

IREN Limited now controls 5 GW of secured power infrastructure spanning Texas, British Columbia, Oklahoma, Spain, and Europe.

Management targets 150,000 deployed GPUs and approximately $3.7 billion contracted ARR exiting calendar year 2026.

Microsoft-related GPU CapEx financing covered roughly 95% of deployment costs at attractive financing rates near 3%.

Mirantis adds 1,500 enterprise customers and 650 engineers, expanding IREN beyond hyperscaler GPU infrastructure hosting economics.

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IREN Limited's ( IREN ) Q3 FY26 numbers seemed disappointing at first glance, but I think the market was paying attention to the wrong figure. The missed revenue target and reduced Bitcoin mining contribution are secondary to

Analyst’s Disclosure: I/we have a beneficial long position in the shares of IREN either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions.…